BY PRESIDENT GILBERT:
RESOLUTION AUTHORIZING 2000
HOME PROGRAM GRANT AGREEMENT WITH NORTHERN COMMUNITIES LAND TRUST FOR CHDO
AFFORDABLE HOUSING DEVELOPMENT IN AN AMOUNT NOT TO EXCEED $100,000.
RESOLVED, that the proper
city officials are hereby authorized to enter into a HOME program CHDO
affordable housing development grant agreement substantially in the form
of that on file in the office of the city clerk as Public Document No.
_________________, with Northern Communities Land Trust for its homeland
program in an amount not to exceed $100,000 payable from 2000 Federal HOME
Program Fund 260, Agency 020, Organization 2602, Object H009.
OF PURPOSE: The purpose of this resolution is to authorize a
2000 HOME Program CHDO Affordable Housing Development Grant Agreement with
the Northern Communities Land Trust (NCLT). NCLT is designed as a Community
Housing Development Organization (CHDO), and as such is being awarded City
HOME Program funds "set aside" for CHDO as required by US Department of
Housing and Urban Development (HUD). This will be the second year of HOME
funding for the Homeland project. Homeland provides home ownership assistance
for households at 80% of median income. The home buyer assistance includes
down payment subsidy, low interest mortgages and rehabilitation grants.
The $100,000 HOME grant will be used for the rehabilitation of 10 homes.
The substantial increase in per home rehabilitation costs is based on the
experience gained over the past year and new HUD regulations related to